2000 AGN MAY 02 I05 - Laserfiche WebLink

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AGREEMENT THIS AGREEMENT, made and entered into this 2°' day May, by and between the CITY OF COLTON, (hereinafter called "CITY") and LANCE, SOLL & LUNGHARD, a partnership of Certified Public Accountants (hereinafter called "ACCOUNTANTS"): WITNESSETH: The parties do agree as follows: Recitals This agreement is made and entered into with respect to the following facts: (a) That CITY is desirous of obtaining the services of qualified certified public accountants for the purpose of conducting annual audits of its financial books and records; and (b) That ACCOUNTANTS' have demonstrated their qualifications to perform such services, and have agreed to perform such audit services, subject to the provisions of this Agreement; and (c) That the legislative body of CITY has heretofore determined that the public interest, convenience and necessity require the execution of this Agreement. 2. Services CITY hereby engages ACCOUNTANTS' to perform audits and examinations of the accounting books and records of CITY for the fiscal year beginning on July 1, 1999. (a) ACCOUNTANTS' shall conduct an examination of City's financial statements for compliance with generally accepted accounting principles, as established by the Governmental Accounting Standards Board (GASB), each such fiscal year. The audits will be conducted in accordance with generally accepted auditing standards as established by the American Institute of Certified Public Accountants (AICPA), and shall include such other auditing procedures as we consider necessary in the circumstances. It is understood by all parties that such audit procedures are not primarily designed to and can not be relied upon to disclose defalcations or other irregularities. Reliance for the prevention or detection of fraud, defalcations or other irregularities should be placed principally upon an adequate internal accounting system with appropriate and functioning internal controls. It is the responsibility of management of each entity to establish and maintain such an internal control system. Under the requirements of the Federal Government's program covering a single audit for all federal grant funds, the compliance and financial audit will be conducted according to the requirements of the Single Audit Act of 1984 and in accordance with generally accepted auditing standards as well as generally accepted governmental auditing standards. ACCOUNTANTS' examination will be made in accordance with the standards for financial and compliance audits contained in the Government Auditing Standards, Page l of 6